C-lin Electrical Co and Dongnan Electronics Co are listed on the Global Enterprise Market Board of the Shenzhen Stock Exchange on Nov 9. [Photo/66wz.com]
Two enterprises based in Yueqing, a county-level city administered by Wenzhou, East China's Zhejiang province, were listed on the stock market on Nov 9, local media outlets reported.
It was the first time two Yueqing enterprises were listed on the same day.
C-lin Electrical Co, a leading manufacturer of low-voltage apparatus, was listed on the Global Enterprise Market (GEM) Board of the Shenzhen Stock Exchange. With an offering price of 25.88 yuan ($3.57) per share, the electrical supplier, stock code 301388, rose by 30.06 percent on the first day to close at 33.66 yuan per share, bringing its total market value to 3.45 billion yuan.
The raised funds will be used for the construction of a plant for industrial automation control electrical components and the manufacturing of electromagnetic relays, microswitches, and intelligent distributing apparatus.
Dongnan Electronics Co also listed on the GEM. The stock code 301359 saw the price of its shares rise from an initial 20.84 yuan to 30.23 yuan per share at the end of the first trading day.
With a net value of 385 million yuan, the funds raised will be used to build a factory with an annual output of 330 million microswitches, a production line with an annual output of 6.25 million new energy vehicle switches and other components, and a research and development center.